Bank of the Philippine Islands said it will “abide by the final decision of the Securities and Exchange Commission” which imposed penalties amounting to P134.62 million in relation to the bank’s executive stock option plan.
In a disclosure to the Philippine Stock Exchange, BPI said the SEC “assessed penalties against the Company for violation of Section 8.1 of the SRC in the amount of , for omitting to secure SEC’s confirmation of exemption from registration for its 7-year Executive Stock Purchase Plan and Executive Stock Option Plan launched in 2013.”
It added that, “The Securities and Exchange Commission assessed penalties for this, and BPI intends to abide by the final decision of the Commission.” BPI reported a 66 percent jump in net income to P39.6 billion last year, from the P23.88 billion in attributable profit earned in 2021, partly boosted by a property sale.
Excluding the impact of the one-off gain from the property sale, net income stood at P35.9 billion, up 50.2 percent.
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